Uber Stock Falls Despite Revenue Beat in Q3

Uber's stock fell by over 11% after the company reported third-quarter gross bookings of $41 billion, missing estimates and leading to a muted forecast for Q4. Despite this, Uber exceeded revenue expectations with $11.2 billion and reported an adjusted EBITDA of $1.7 billion, highlighting profitable growth and a record in GAAP operating income. CEO Dara Khosrowshahi expressed optimism despite the setbacks, citing strong weekday demand and Uber's strategic positioning in autonomous and electric vehicles. Meanwhile, Uber's initiatives, like the 'One Less Car Challenge,' demonstrated feasibility in reducing personal car use, though participants faced challenges due to limited transportation infrastructure. Additionally, Uber Freight and Uber Park are expanding logistics investments, offering new opportunities for investors in the transportation sector. Overall, while the near-term booking targets have been missed, analysts remain positive about Uber's long-term strategic growth prospects.